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financial_accounting_exam_3

1.

 

A repair that extends the useful life of an asset would be considered a/an

 

A.

 

extraordinary repair.

 

B.

 

The comparative balance sheet of Flack Inc. for December 31, 2013 and 2012 is shown as follows: (Indirect & Direct Methods)

The comparative balance sheet of Flack Inc. for December 31, 2013 and 2012 is shown as follows:

Assets:

Trustme Vehical Rental Corporation has two departments, Car Rental and Truck Rental. Central

Trustme Vehical Rental Corporation has two departments, Car Rental and Truck Rental.  Central costs may be allocated to the two departments in various ways.

P4-25A The trial balance of Fugazy Investment Advisers at December 31, 2012, follows:

The trial balance of Fugazy Investment Advisers at December 31, 2012, follows:

 

FUGAZY INVESTMENT ADVISERS 

Trial Balance

December 31, 2012

Account Debit Credit

The accountant for Klein Photography has posted adjusting entries (a)-(e) to the following selected

The accountant for Klein Photography has posted adjusting entries (a)-(e) to the following selected accounts at December 31, 2012.

P3-33A Galant Theater Production Company unadjusted and adjusted trial balances at December 31, 2012, follow:

Galant Theater Production Company unadjusted and adjusted trial balances at December 31, 2012, follow.



GALANT THEATER PRODUCTION COMPANY

Adjusted Trial Balance

31-Dec-12



Account Debit Credit Debit Credit

Cash $3,900 $3,900 

Accounts receivable 6,100 6,900 

Supplies 1,700 300 

Prepaid insurance 2,700 2,100 

Equipment 25,000 25,000 

P3-32A Laughter Landscaping has the following independent cases at the end of the year on December 31, 2014.

Laughter Landscaping has the following independent cases at the end of the year on December 31, 2014.



a.    Each Friday, Laughter pays employees for the current week's work. The amount of the weekly payroll is $7,000 for a five-day workweek. This year December 31 falls on a Wednesday.



b.    Details of Prepaid insurance are shown in the account:  Jan 1st $4,500



 Laughter prepays a full year's insurance each year on January 1. Record insurance expense for the year ended December 31.

P6-2A Turner Distribution markets CDs of numerous performing artists. At the beginning of March,

Turner Distribution markets CDs of numerous performing artists. At the beginning of March, Turner had in beginning inventory 2,500 CDs with a unit cost of $7. During March, Turner made the following purchases of CDs.

Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost with analysis.

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